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Asahi Group Holdings

DB:ABW
Snowflake Description

Good value average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ABW
DB
¥2,510B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Asahi Group Holdings, Ltd. manufactures and sells alcoholic beverages, soft drinks, and food products in Japan and internationally. The last earnings update was 63 days ago. More info.


Add to Portfolio Compare Print
ABW Share Price and Events
7 Day Returns
-2.5%
DB:ABW
1.7%
DE Beverage
1.2%
DE Market
1 Year Returns
26.3%
DB:ABW
5.4%
DE Beverage
0.4%
DE Market
ABW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Asahi Group Holdings (ABW) -2.5% 4.5% 11.7% 26.3% 45.4% 101.8%
DE Beverage 1.7% 3.1% -0.3% 5.4% 33.7% 67.9%
DE Market 1.2% -1.3% -0.9% 0.4% 6.9% 24.4%
1 Year Return vs Industry and Market
  • ABW outperformed the Beverage industry which returned 5.4% over the past year.
  • ABW outperformed the Market in Germany which returned 0.4% over the past year.
Price Volatility
ABW
Industry
5yr Volatility vs Market

Value

 Is Asahi Group Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Asahi Group Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Asahi Group Holdings.

DB:ABW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:ABW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.51
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.507 (1 + (1- 30.86%) (40.97%))
0.766
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:ABW using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Asahi Group Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:ABW DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 5%)
2020 187,089.63 Analyst x6 178,187.39
2021 222,938.44 Analyst x5 202,227.14
2022 194,578.50 Analyst x2 168,103.44
2023 205,505.00 Analyst x2 169,095.24
2024 207,556.53 Est @ 1% 162,656.95
2025 209,148.90 Est @ 0.77% 156,105.81
2026 210,415.18 Est @ 0.61% 149,578.02
2027 211,450.86 Est @ 0.49% 143,161.89
2028 212,324.04 Est @ 0.41% 136,912.90
2029 213,083.01 Est @ 0.36% 130,864.33
Present value of next 10 years cash flows ¥1,596,893.00
DB:ABW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥213,083.01 × (1 + 0.23%) ÷ (5% – 0.23%)
¥4,479,212.30
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥4,479,212.30 ÷ (1 + 5%)10
¥2,750,895.58
DB:ABW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥1,596,893.00 + ¥2,750,895.58
¥4,347,788.58
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥4,347,788.58 / 458.08
¥9491.34
DB:ABW Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:ABW represents 0.00839x of TSE:2502
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00839x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 9,491.34 x 0.00839
€79.67
Value per share (EUR) From above. €79.67
Current discount Discount to share price of €46.00
= -1 x (€46.00 - €79.67) / €79.67
42.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Asahi Group Holdings is available for.
Intrinsic value
42%
Share price is €46 vs Future cash flow value of €79.67
Current Discount Checks
For Asahi Group Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Asahi Group Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Asahi Group Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Asahi Group Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Asahi Group Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ABW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in JPY ¥332.34
TSE:2502 Share Price ** TSE (2019-10-11) in JPY ¥5480
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 27.67x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.64x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Asahi Group Holdings.

DB:ABW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:2502 Share Price ÷ EPS (both in JPY)

= 5480 ÷ 332.34

16.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Asahi Group Holdings is good value based on earnings compared to the DE Beverage industry average.
  • Asahi Group Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Asahi Group Holdings's expected growth come at a high price?
Raw Data
DB:ABW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
7.2%per year
Europe Beverage Industry PEG Ratio Median Figure of 31 Publicly-Listed Beverage Companies 2.85x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.37x

*Line of best fit is calculated by linear regression .

DB:ABW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.49x ÷ 7.2%

2.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Asahi Group Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Asahi Group Holdings's assets?
Raw Data
DB:ABW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in JPY ¥2,486.86
TSE:2502 Share Price * TSE (2019-10-11) in JPY ¥5480
Germany Beverage Industry PB Ratio Median Figure of 8 Publicly-Listed Beverage Companies 1.57x
Germany Market PB Ratio Median Figure of 597 Publicly-Listed Companies 1.72x
DB:ABW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:2502 Share Price ÷ Book Value per Share (both in JPY)

= 5480 ÷ 2,486.86

2.2x

* Primary Listing of Asahi Group Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Asahi Group Holdings is overvalued based on assets compared to the DE Beverage industry average.
X
Value checks
We assess Asahi Group Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Asahi Group Holdings has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Asahi Group Holdings expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Asahi Group Holdings expected to grow at an attractive rate?
  • Asahi Group Holdings's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Asahi Group Holdings's earnings growth is positive but not above the Germany market average.
  • Asahi Group Holdings's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:ABW Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:ABW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 7.2%
DB:ABW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 2.7%
Germany Beverage Industry Earnings Growth Rate Market Cap Weighted Average -0.7%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.9%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:ABW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ABW Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,328,950 301,505 195,200 2
2022-12-31 2,293,000 290,579 186,900 2
2021-12-31 2,270,484 307,312 184,549 12
2020-12-31 2,221,795 278,494 172,017 13
2019-12-31 2,120,429 275,835 151,925 13
2019-10-11
DB:ABW Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-06-30 2,099,059 234,761 152,237
2019-03-31 2,107,575 225,048 151,512
2018-12-31 2,120,291 252,441 151,077
2018-09-30 2,141,590 255,613 158,693
2018-06-30 2,152,566 250,342 158,078
2018-03-31 2,147,793 229,307 153,012
2017-12-31 2,084,877 231,712 141,003
2017-09-30 1,863,268 152,030
2017-06-30 1,780,575 182,545 103,976
2017-03-31 1,705,836 91,397
2016-12-31 1,706,901 154,452 89,221
2016-09-30 1,864,470 43,455

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Asahi Group Holdings's earnings are expected to grow by 7.2% yearly, however this is not considered high growth (20% yearly).
  • Asahi Group Holdings's revenue is expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:ABW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Asahi Group Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ABW Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 426.15 436.20 416.10 2.00
2022-12-31 408.00 422.00 394.00 2.00
2021-12-31 395.05 480.05 330.19 13.00
2020-12-31 369.52 458.33 322.35 14.00
2019-12-31 330.56 350.28 316.32 14.00
2019-10-11
DB:ABW Past Financials Data
Date (Data in JPY Millions) EPS *
2019-06-30 332.34
2019-03-31 330.75
2018-12-31 329.80
2018-09-30 346.42
2018-06-30 345.06
2018-03-31 334.00
2017-12-31 307.78
2017-09-30 331.85
2017-06-30 226.96
2017-03-31 199.50
2016-12-31 194.75
2016-09-30 94.87

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Asahi Group Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Asahi Group Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Asahi Group Holdings has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Asahi Group Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Asahi Group Holdings's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Asahi Group Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • Asahi Group Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Asahi Group Holdings's 1-year earnings growth is negative, it can't be compared to the DE Beverage industry average.
Earnings and Revenue History
Asahi Group Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Asahi Group Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ABW Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 2,099,059.00 152,237.00 530,174.00
2019-03-31 2,107,575.00 151,512.00 535,947.00
2018-12-31 2,120,291.00 151,077.00 539,764.00
2018-09-30 2,141,590.00 158,693.00 563,822.00
2018-06-30 2,152,566.00 158,078.00 566,944.00
2018-03-31 2,147,793.00 153,012.00 564,949.00
2017-12-31 2,084,877.00 141,003.00 543,832.00
2017-09-30 1,863,268.00 152,030.00 369,959.00 9,550.00
2017-06-30 1,780,575.00 103,976.00 384,266.00 9,550.00
2017-03-31 1,705,836.00 91,397.00 395,260.00 9,550.00
2016-12-31 1,706,901.00 89,221.00 418,855.00 9,550.00
2016-09-30 1,864,470.00 43,455.00 599,508.00
2016-06-30 1,864,295.00 65,491.00 597,651.00
2016-03-31 1,863,467.00 63,714.00 593,116.00
2015-12-31 1,857,418.00 76,427.00 587,061.00
2015-09-30 1,848,941.00 83,688.00 574,317.00
2015-06-30 1,831,033.00 89,242.00 563,941.00
2015-03-31 1,784,621.00 79,836.00 551,078.00
2014-12-31 1,785,478.00 69,118.00 546,350.00
2014-09-30 1,752,251.00 69,428.00 540,449.00
2014-06-30 1,744,760.00 65,687.00 535,914.00
2014-03-31 1,748,476.00 65,975.00 534,692.00
2013-12-31 1,714,237.00 61,749.00 528,240.00
2013-09-30 1,274,528.00 58,323.00 552,377.00
2013-06-30 1,227,143.00 46,971.00 533,678.00
2013-03-31 1,186,498.00 54,256.00 509,891.00
2012-12-31 1,156,686.00 57,183.00 495,938.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Asahi Group Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Asahi Group Holdings used its assets more efficiently than the DE Beverage industry average last year based on Return on Assets.
  • Asahi Group Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Asahi Group Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Asahi Group Holdings has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Asahi Group Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Asahi Group Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Asahi Group Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Asahi Group Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Asahi Group Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Asahi Group Holdings Company Filings, last reported 3 months ago.

DB:ABW Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,142,184.00 1,028,350.00 51,721.00
2019-03-31 1,121,487.00 1,081,604.00 50,328.00
2018-12-31 1,149,647.00 1,027,387.00 57,317.00
2018-09-30 1,197,822.00 1,065,160.00 61,217.00
2018-06-30 1,112,136.00 1,108,172.00 62,497.00
2018-03-31 1,103,957.00 1,198,951.00 65,506.00
2017-12-31 1,152,747.00 1,261,925.00 58,054.00
2017-09-30 1,064,856.00 1,433,734.00 109,610.00
2017-06-30 967,892.00 1,452,664.00 83,793.00
2017-03-31 835,764.00 1,500,958.00 63,106.00
2016-12-31 846,104.00 570,357.00 48,459.00
2016-09-30 825,547.00 353,469.00 47,700.00
2016-06-30 845,070.00 397,594.00 54,882.00
2016-03-31 862,775.00 455,899.00 66,897.00
2015-12-31 891,828.00 414,929.00 48,210.00
2015-09-30 873,079.00 447,399.00 58,327.00
2015-06-30 888,169.00 474,784.00 56,150.00
2015-03-31 872,635.00 485,426.00 74,079.00
2014-12-31 896,509.00 434,725.00 65,064.00
2014-09-30 852,955.00 441,033.00 45,010.00
2014-06-30 873,380.00 441,819.00 46,676.00
2014-03-31 835,462.00 451,913.00 43,682.00
2013-12-31 827,479.00 403,720.00 42,200.00
2013-09-30 782,171.00 432,096.00 45,649.00
2013-06-30 744,506.00 472,256.00 41,807.00
2013-03-31 731,836.00 522,890.00 45,225.00
2012-12-31 726,879.00 456,235.00 34,573.00
  • Asahi Group Holdings's level of debt (90%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (47.9% vs 90% today).
  • Debt is well covered by operating cash flow (22.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 70x coverage).
X
Financial health checks
We assess Asahi Group Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Asahi Group Holdings has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Asahi Group Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.93%
Current annual income from Asahi Group Holdings dividends. Estimated to be 2.2% next year.
If you bought €2,000 of Asahi Group Holdings shares you are expected to receive €39 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Asahi Group Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • Asahi Group Holdings's dividend is below the markets top 25% of dividend payers in Germany (3.96%).
Upcoming dividend payment

Purchase Asahi Group Holdings before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:ABW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
Germany Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:ABW Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 154.47 3.00
2022-12-31 144.60 3.00
2021-12-31 128.73 13.00
2020-12-31 115.49 13.00
2019-12-31 104.23 13.00
2019-10-11
DB:ABW Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-08-09 106.000 2.068
2019-08-01 106.000 2.203
2019-03-27 106.000 2.189
2019-02-14 106.000 2.216
2018-11-13 90.000 1.982
2018-11-02 90.000 1.794
2018-08-09 90.000 1.839
2018-08-02 90.000 1.787
2018-03-28 90.000 1.602
2018-02-15 90.000 1.623
2017-11-13 78.000 1.389
2017-11-02 78.000 1.465
2017-08-10 78.000 1.636
2017-08-03 78.000 1.687
2017-03-29 60.000 1.375
2017-02-15 60.000 1.461
2016-11-14 54.000 1.449
2016-11-02 54.000 1.487
2016-08-12 54.000 1.516
2016-08-03 54.000 1.614
2016-04-28 53.000 1.519
2016-03-25 53.000 1.520
2016-02-09 53.000 1.561
2015-11-13 48.000 1.272
2015-11-04 48.000 1.260
2015-08-13 48.000 1.262
2015-08-05 48.000 1.112
2015-03-27 48.000 1.203
2015-02-12 48.000 1.279
2014-11-13 44.000 1.188
2014-10-31 44.000 1.269
2014-08-13 44.000 1.360
2014-08-06 44.000 1.401
2014-03-27 44.000 1.466
2014-02-12 44.000 1.601
2013-11-13 43.000 1.520
2013-11-01 43.000 1.585
2013-08-05 43.000 1.655
2013-08-01 43.000 1.649
2013-05-02 43.000 1.691
2013-03-01 43.000 1.879
2013-02-13 43.000 1.920
2012-10-30 28.000 1.501
2012-08-02 28.000 1.495
2012-05-08 28.000 1.640
2012-02-29 28.000 1.556
2012-02-10 28.000 1.573
2011-10-31 23.000 1.367
2011-08-02 23.000 1.436
2011-04-28 23.000 1.442
2011-03-25 46.000 3.247
2011-02-08 23.000 1.505
2010-10-29 21.000 1.314
2010-07-30 21.000 1.300
2010-04-30 21.000 1.361
2010-02-08 21.000 1.214
2009-08-13 20.000 1.223
2009-08-03 20.000 1.343
2009-03-26 20.000 1.539
2009-02-12 20.000 1.670
2009-02-05 20.000 1.521
2008-10-29 19.000 1.243

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Asahi Group Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Asahi Group Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Asahi Group Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Asahi Group Holdings has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Asahi Group Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Akiyoshi Koji
AGE 68
TENURE AS CEO 1.6 years
CEO Bio

Mr. Akiyoshi Koji serves as Chief Executive Officer at Asahi Group Holdings, Ltd since March 2018 and has been President at Asahi Group Holdings, Ltd since March 24, 2016 and he was Chief Operating Officer till March 2018. Mr. Koji serves as President at Asahi Breweries, Ltd. He served as the Managing Director and Managing Corporate Officer at Asahi Group Holdings, Ltd. since March 2007. He was in charge of Asahi' corporate strategy, human resource strategy, business promotion and finance management. Mr. Koji served as a Supervisor of Tsingtao Brewery Company Limited until June 16, 2011. He began his career with Asahi Group Holdings, Ltd. in 1975 and then progressed through a series of leadership positions including the General Manager of Sales Section for Wholesalers at Tokyo Branch Of ice, the Deputy Manager and Section Head of Human Resources Department and the General Manager of Human Resource Strategy Department. He served as Corporate Officer at Asahi Group Holdings, Ltd since September 2001. He served as Managing Director and Senior General Manager of Planning Division of Asahi Soft Drinks Co., Ltd. since March 2003 and as Senior Managing Director since March 2006. He was the Managing Executive Officer of Asahi Soft Drinks Co., Ltd. Mr. Koji has accumulated considerable experiences in sales and marketing of alcohol and soft drink businesses. His term of service has commenced from the date of the passing of the election at the EGM to the expiry of the term of the 6th Board of Supervisors. He has been a Representative Director of Asahi Group Holdings, Ltd. since July 2011. He serves as a Representative Director of Asahi Breweries, Ltd. Mr. Koji graduated from the Law Department of Aoyama Gakuin University.

CEO Compensation
  • Insufficient data for Akiyoshi to compare compensation growth.
  • Insufficient data for Akiyoshi to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Asahi Group Holdings management team in years:

1.6
Average Tenure
55
Average Age
  • The average tenure for the Asahi Group Holdings management team is less than 2 years, this suggests a new team.
Management Team

Akiyoshi Koji

TITLE
President
AGE
68
TENURE
1.6 yrs

Atsushi Katsuki

TITLE
MD, CFO
TENURE
0.6 yrs

Ryoichi Kitagawa

TITLE
Managing Corporate Officer
AGE
55

Taemin Park

TITLE
Corporate Officer & Director

Tomomasa Kanda

TITLE
Corporate Officer

Manabu Sami

TITLE
Corporate Officer

Yutaka Hemmi

TITLE
Corporate Officer & Director
TENURE
2.5 yrs

Keizo Tanimura

TITLE
Corporate Officer & Director
AGE
54

Kaoru Sakita

TITLE
Corporate Officer

Kazuma Kohno

TITLE
Corporate Officer
Board of Directors Tenure

Average tenure and age of the Asahi Group Holdings board of directors in years:

1.1
Average Tenure
63
Average Age
  • The average tenure for the Asahi Group Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Naoki Izumiya

TITLE
Chairman of the Board
COMPENSATION
¥118M
AGE
71
TENURE
3.6 yrs

Akiyoshi Koji

TITLE
President
AGE
68
TENURE
8.3 yrs

Atsushi Katsuki

TITLE
MD, CFO
TENURE
2.5 yrs

Taemin Park

TITLE
Corporate Officer & Director
TENURE
0.6 yrs

Yutaka Hemmi

TITLE
Corporate Officer & Director
TENURE
0.6 yrs

Keizo Tanimura

TITLE
Corporate Officer & Director
AGE
54
TENURE
0.6 yrs

Tatsuro Kosaka

TITLE
Outside Director
AGE
66
TENURE
3.6 yrs

Yasushi Shingai

TITLE
Outside Director
AGE
63
TENURE
1.6 yrs

Christina L. Ahmadjian

TITLE
Outside Director
AGE
60
TENURE
0.6 yrs

Yoshihide Okuda

TITLE
Standing Audit & Supervisory Board Member
AGE
63
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Asahi Group Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Asahi Group Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Asahi Group Holdings, Ltd. manufactures and sells alcoholic beverages, soft drinks, and food products in Japan and internationally. It operates through four segments: Alcohol Beverages, Soft Drinks, Food, and Overseas. The company offers alcoholic beverage products, including imported beers, non-alcohol beer taste beverages, wines, shochu and whiskey products, ready-to-drink beverages, happoshu products, and spirits. It also provides soft drink beverages, such as ciders, carbonated soda water beverages, coffee, tea, lactic acid drinks, mineral waters, sports drinks, and fruit juices. In addition, the company offers food products comprising confectioneries, supplements, yeast extracts, baby foods, and others; and freeze-dried foods, including miso and other soups, pastas, and curries. It provides its products primarily under the Asahi Super Dry, Clear Asahi, Black Nikka, Alpaca, Kanoka, Asahi Mogitate, Asahi Dry Zero, Mitsuya Cider, Wilkinson, WONDA, Juroku-cha, Asahi Oishii Mizu, Calpis, MINTIA, Dear-Natura, EBIOS, Goo-Goo Kitchen, Itsumono Omisoshiru, Peroni Nastro Azzurro, Pilsner Urquell, Cool Ridge, Schweppes, and WONDA Original brands. Further, it is involved in the operation of restaurants. The company was formerly known as Asahi Breweries, Ltd. and changed its name to Asahi Group Holdings, Ltd. in July 2011. Asahi Group Holdings, Ltd. was founded in 1889 and is based in Tokyo, Japan.

Details
Name: Asahi Group Holdings, Ltd.
ABW
Exchange: DB
Founded: 1889
¥20,928,607,738
458,079,681
Website: http://www.asahigroup-holdings.com
Address: Asahi Group Holdings, Ltd.
1-23-1 Azumabashi,
Sumida-ku,
Tokyo,
130-8602,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 2502 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
OTCPK ASBR.F Common Stock Pink Sheets LLC US USD 06. Jan 1992
DB ABW Common Stock Deutsche Boerse AG DE EUR 06. Jan 1992
OTCPK ASBR.Y ADR Pink Sheets LLC US USD 13. Oct 2008
Number of employees
Current staff
Staff numbers
28,055
Asahi Group Holdings employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/11 21:57
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/04
Last earnings filing: 2019/08/09
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.